TechnipFMC PLC (NYSE:FTI) Sees Significant Increase in Short Interest

TechnipFMC PLC (NYSE:FTI) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 18,090,000 shares, an increase of 35.8% from the June 30th total of 13,320,000 shares. Based on an average daily volume of 6,830,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 4.4% of the shares of the company are sold short.

Several equities research analysts recently weighed in on the company. Cfra reduced their target price on TechnipFMC from $16.00 to $8.50 and set a “hold” rating for the company in a report on Thursday, April 23rd. Jefferies Financial Group lowered TechnipFMC from a “hold” rating to an “underperform” rating and reduced their target price for the stock from $7.00 to $6.00 in a report on Thursday, May 14th. Cowen reduced their target price on TechnipFMC from $15.00 to $11.00 and set an “outperform” rating for the company in a report on Monday, April 27th. ValuEngine upgraded TechnipFMC from a “hold” rating to a “buy” rating in a report on Thursday, July 2nd. Finally, UBS Group lifted their price target on TechnipFMC from $9.50 to $10.25 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $15.28.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTI. Norges Bank bought a new stake in shares of TechnipFMC during the fourth quarter valued at approximately $201,223,000. Pzena Investment Management LLC grew its position in TechnipFMC by 50.3% in the second quarter. Pzena Investment Management LLC now owns 18,371,705 shares of the oil and gas company’s stock valued at $125,662,000 after acquiring an additional 6,151,054 shares during the period. Russell Investments Group Ltd. grew its position in TechnipFMC by 176.3% in the first quarter. Russell Investments Group Ltd. now owns 7,639,809 shares of the oil and gas company’s stock valued at $51,640,000 after acquiring an additional 4,875,110 shares during the period. ARGA Investment Management LP grew its position in TechnipFMC by 7,625.7% in the second quarter. ARGA Investment Management LP now owns 3,798,653 shares of the oil and gas company’s stock valued at $25,983,000 after acquiring an additional 3,749,484 shares during the period. Finally, BlackRock Inc. grew its position in TechnipFMC by 10.7% in the first quarter. BlackRock Inc. now owns 21,288,743 shares of the oil and gas company’s stock valued at $143,487,000 after acquiring an additional 2,049,316 shares during the period. Institutional investors and hedge funds own 77.67% of the company’s stock.

Shares of FTI traded up $0.02 on Friday, reaching $8.03. 9,298,949 shares of the stock traded hands, compared to its average volume of 5,811,943. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of -0.64, a P/E/G ratio of 1.39 and a beta of 1.92. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.16 and a quick ratio of 1.01. TechnipFMC has a 12 month low of $4.49 and a 12 month high of $28.18. The stock’s 50-day moving average price is $7.55 and its 200-day moving average price is $10.38.

TechnipFMC (NYSE:FTI) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.04 billion. TechnipFMC had a positive return on equity of 0.93% and a negative net margin of 42.22%. TechnipFMC’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 earnings per share. As a group, equities research analysts forecast that TechnipFMC will post 0.26 earnings per share for the current fiscal year.

TechnipFMC Company Profile

TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses. It operates through three segments: Subsea, Onshore/Offshore, and Surface Technologies. The Subsea segment manufactures and designs products and systems; performs engineering, procurement, and project management; and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas.

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